THE Reserve Bank of Australia (RBA) is reviewing Australia’s card payment system, with proposed reforms that may have implications for small businesses.

The Independent Payments Forum (IPF), of which the Pharmacy Guild of Australia is a member, argues that banks have a community service obligation to provide customers with access to their own money at low fees – a benefit already available to large businesses like Coles and Woolworths.

IPF co-founder and payments expert, Brad Kelly, said it is disappointing that under the RBA proposals, card-issuing banks will continue to profit from debit card transactions that are intended to be a replacement for cash.

“Banks make billions in profits from our savings each year, and they are obligated to give us access to our own money,” Kelly said.

“With debit card interchange fees, they have turned a loss-making service of providing us with cash into a profit centre.

“They should not be profiting every time we tap our card to buy groceries, buy medicine and share a meal with the family,” he added.

The IPF is conducting a survey to collect data on the potential impacts within the small business sector, and the Guild is encouraging members to participate to ensure pharmacy owners’ views are heard.

The survey closes at COB Tue 05 Aug – complete it HERE.

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